Vita Mobile Systems Inc (VMSI)

[ROBINJOY]

Show all filings for AMERICAN INTERNATIONAL VENTURES INC /DE/
Form 8-K for AMERICAN INTERNATIONAL VENTURES INC /DE/

24-Jun-2014

Completion of Acquisition or Disposition of Assets, Fina


Item 2.01. Completion of Acquisition or Disposition of Assets.
On June 16, 2014, the Company completed the sale of certain mining claims to Gold Mining USA, Inc. (OTC-Pink:GMUI) ("GMU") in exchange for 1.5 million shares of common stock of GMU and the Company also reserved a 3% net smelter return. The mining claims consist of twenty two unpatented claims known as "El Tutle/Rich Gulch" and four unpatented claims which are part of the "Gypsy" claims. All of the claims are located in Douglas County, Nevada.

In January 2014, the Company and GMU previously entered into an agreement for the sale of eight claims held by the Company known as the Gypsy Gold Mine. Under the January 2014 agreement, the parties further agreed that GMU has the option to purchase the remaining four unpatented claims (part of the Gypsy Gold Mine) in exchange for GMU purchasing a convertible debenture in the amount of $1,000,000 from the Company within six months from the closing of the original transaction ("Debenture"). Under the current (June 16, 2014) agreement, the Company included these four unpatented mining claims as part of the above described transaction, and the parties agreed that the stock consideration (1.5 million shares of common stock of GMU) satisfied the obligation to purchase the Debenture as required under the January 2014 agreement.

The Gypsy Gold Mine Purchase Contract is attached hereto as Exhibit 10.7, and the above description is qualified in its entirety by reference to the attached agreement.



Item 9.01 Financial Statements and Exhibits.
d) Exhibit 10.7 - Gypsy/El Tule/Rich Gulch Gold Mining Claims e Purchase Contract dated June 16, 2014 by and between the Company and Gold Mining USA, Inc.